CCIR developing industry guidance on fair treatment of customers

PRESS RELEASE PR Newswire

Feb. 12, 2018, 03:00 PM

TORONTO, Feb. 12, 2018 /CNW/ - The Canadian Council of Insurance Regulators (CCIR) is developing guidance for the insurance industry that will set out regulators' expectations relating to the conduct of insurance business and fair treatment of customers by both insurers and intermediaries.

The industry guidance will align with the Insurance Core Principles (ICPs) – the international standards for insurance regulation developed by the International Association of Insurance Supervisors, as updated in November 2017.

"The development of this new guidance is consistent with our strategic priorities as stated in our 2017-2020 Strategic Plan – building upon cooperative supervision to enhance consumer protection, work collaboratively with regulatory partners and partner with industry stakeholders to increase regulatory and supervisory harmonization," said Patrick Déry, Chair of CCIR.

CCIR anticipates working in partnership with the Canadian Insurance Services Regulatory Organizations to develop the draft guidance, which it expects to release for public consultation during the second quarter of 2018.

About the CCIR:

The Canadian Council of Insurance Regulators is a national association of insurance regulators that traces its roots back to 1914. The mandate of the CCIR is to enhance insurance supervision and regulation to serve the public interest and to foster increased cooperative supervision and information sharing among regulatory authorities.

SOURCE Canadian Council of Insurance Regulators (CCIR)

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